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Ghana likely to miss US$3.8b in World Bank Financing due to the passage LGBTQ+Bill – MoF

LGBTQ+

The Ministry of Finance says Ghana is likely to lose US$3.8 billion in World Bank Financing over the next five to six years and also derail the International Monetary Fund (IMF) programme if the anti-gay bill is assented to. The Ministry in a statement catalogued a number of challenges Ghana may grapple with as a result of the passage of the LGBTQ+ passage by Parliament.

“The expected US$300 million financing from the First Ghana Resilient Recovery Development Policy Operation (Budget Support) which is currently pending Parliamentary approval might not be disbursed by the Bank when it is approved by Parliament.;

“On-going negotiations on the Second Ghana Resilient Recovery Development Policy Operation (Budget Support) amounting to US$300 million may be suspended; Ongoing negotiations for US$250 million to support the Ghana Financial Stability Fund ay be suspended;

“Disbursement of undisbursed amounts totalling US$2.1 billion for ongoing projects will be suspended, and Preparation of pipeline projects and declaration of effectiveness for two projects totalling US$ 900 million may be suspended. Full details of the World Bank portfolio are attached as Appendix 1 & 2.

“In total, Ghana is likely to lose US$3.8 billion in World Bank Financing over the next five to six years. For 2024 Ghana will lose US$600 million in Budget support and US$250 million for the Financial Stability Fund. This will negatively impact on Ghana’s foreign exchange reserves and exchange rate stability as these inflows are expected to shore the country’s reserve position.”

After three years of deliberation, Parliament has approved the highly contentious Anti-LGBTQ+ bill. Speaker of Parliament, Alban Bagbin initiated a voice vote on the bill after the third reading. When he posed the question, “Those in favour of the Human Sexual Rights and Family Values bill, 2021, be taken through the third reading say I,” numerous MPs voiced their support.

However, there was no response when the speaker called for those in opposition to speak up. With no opposition voiced, Speaker Bagbin declared the bill passed. The bill which was passed on Wednesday, February 28, will only take effect if President Akufo-Addo signs it into law.

Attached is the full statement by the Ministry of Finance

Implications-of-Anti-LBTQI-BILL_240304_082203

Source: Ghana/Starrfm.com.gh/103.5FM

 

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